Silver - $27 going to Zero! Call your boss..beg for job back

[Engineer]

I just pulled the trigger on some fractional Au maples at right around $1400/oz. Halfway through my order for 1oz coins, I decided to go with the US Buffalo, and the website doubled the price. I went back to 1oz maples, and the website tripled the price. I put the fractionals in the cart hoping for the best, and it came up with the advertised price.

Looks like Apmex is having a nervous breakdown...

[shinnosuke]

Did we just hit the overnight bottom? Silver and gold are (by normal standards) now rocketing back up. Gold up $20 in a few minutes.

Not so sure about that. Volatility is the byword, watchword, crossword, word of the day, word for the wise, just WORD!

[Engineer]

Did we just hit the overnight bottom? Silver and gold are (by normal standards) now rocketing back up. Gold up $20 in a few minutes.

Not so sure about that. Volatility is the byword, watchword, crossword, word of the day, word for the wise, just WORD!

I'm hoping for some volatility today. I started the morning hoping to trade some 90% for Au, and wound up buying more Au than my very understanding wife will appreciate. Now I'm just waiting for Ag to rise enough to keep me out of the doghouse.

[CardsNCoins]

..........I think the thing I hate most about low silver prices is that it makes CRH kind of pointless. I might stop doing it...

I will preface my comments by saying that I do not buy silver, I only hunt for it in rolls.

I would not recommend stopping, especially if you are finding a decent amount every week. When silver drops it actually makes me CRH a little harder because the more ounces I find, the faster I get back to where I was when the price starts to rise again. Finding more of it is a hunter's way of dollar cost averaging without spending money.

Does it suck working hard all week gathering/searching/dumping just to find a few ounces, and then seeing the value of your silver decrease by thousands of dollars from the time you went to bed until the time you woke up? It sure does, but it just makes me work harder to get it back....my way.

That's just my advice, and obviously everyone has to do what is best for them. Good luck.

[tedandcam]

..........I think the thing I hate most about low silver prices is that it makes CRH kind of pointless. I might stop doing it...

I will preface my comments by saying that I do not buy silver, I only hunt for it in rolls.

I would not recommend stopping, especially if you are finding a decent amount every week. When silver drops it actually makes me CRH a little harder because the more ounces I find, the faster I get back to where I was when the price starts to rise again. Finding more of it is a hunter's way of dollar cost averaging without spending money.

Does it suck working hard all week gathering/searching/dumping just to find a few ounces, and then seeing the value of your silver decrease by thousands of dollars from the time you went to bed until the time you woke up? It sure does, but it just makes me work harder to get it back....my way.



That's just my advice, and obviously everyone has to do what is best for them. Good luck.

Amen!

[Bigsarge]

I will preface my comments by saying that I do not buy silver, I only hunt for it in rolls.

I would not recommend stopping, especially if you are finding a decent amount every week. When silver drops it actually makes me CRH a little harder because the more ounces I find, the faster I get back to where I was when the price starts to rise again. Finding more of it is a hunter's way of dollar cost averaging without spending money.

Does it suck working hard all week gathering/searching/dumping just to find a few ounces, and then seeing the value of your silver decrease by thousands of dollars from the time you went to bed until the time you woke up? It sure does, but it just makes me work harder to get it back....my way.

That's just my advice, and obviously everyone has to do what is best for them. Good luck.

Good point, I actually skipped my half order this week, too many weeks of burning through 3k in halves for that one lowly 40% half. But your right, the free silver kept my cost average down.

With the beating i'm taking right now, I might actually up my half searching. Thanks for the mental adjustment!

[Hawkeye]

I bought a little from Provident yesterday afternoon (right before the big drop, of course). I'm trying to get a little more today, but I can't even get on their website. Interesting times.

[neilgin1]

just thought i'd put this up....its interesting.

[Engineer]

Normally I'd be getting ready for my morning nap about this time, but today I'm going to stay up to see what happens at 10:00 ET when the daily smackdowns usually happen.

[neilgin1]

Re Skyther's post- Finally, someone else who does not like it that it has gone down. I prefer it goes to the moon. With all the hype I've heard about it doing so since I've gotten into PM, when the heck is that going to happen? Since I've gotten into PM all it's been is frustrating. It's not making sense. I spose most of you will be thrilled if it goes down to $6? I'm getting close to retirement and I'm not rich. I hope I don't regret getting into this at all. Maybe most of you are all gamblers/sports nuts? I am not. I'm betting on deflation for years to come- PM going way down. I don't know if I'll be around for happy days when it zooms.

I hear ya. something you wrote touched me, and I want to share with you my feelings as to WHY I stack, primarily as CURRENCY INSURANCE...you wrote:

" I'm betting on deflation for years to come- PM going way down. I don't know if I'll be around for happy days when it zooms."

the other primary reason I stack is my son, 17 years old, in college, bio-chem, working and being mentored by a DEAR family friend in property management....this stack I got?...I don't really see a day i'm gonna be trading it...its for him, all of it, along with the ranch. my library, everything....and that's good. God only knows what the future will bring, I just want that dear lad to have a solid foundation, that he can build a life on, rather than being a poor faceless modern helot in some gummit queue...that's why these gyrations and games played...don't really bother me. In fact, dear brother, when I finish this post, i'm gonna head over to Ebay, and see, the newly listed rolls of US silver coins...to ascertain what impact this downdraft has had on the retail small holdings market.

so that's the way I lense accumulation of silver coinage...we're all different, but I urge you to take heart..frankly, I just can wait for the time my boy is headed out here....we have some wide ranging conversations I can you that....he's coming into the hard core libertarians camp, with me and his uncle....God bless you, neil

[neilgin1]

Normally I'd be getting ready for my morning nap about this time, but today I'm going to stay up to see what happens at 10:00 ET when the daily smackdowns usually happen.

I LOVE that!!!....I gotta confess...mine happens around noon to one-ish....oh, sleep disorder is a mutha.....seriously though. I am grinning from ear to ear...at least i'm not alone.

[neilgin1]

Sorry if my answer somehow offends you Neil. You asked, I answered.
Cheers!

no Jon, you DONT have to say "sorry" AT ALL...its my 'thing', your "quarter roll" comment rubbed me the wrong way, but WHAT RIGHT have I to judge another man? absolutely none, and I veer perilously close to disobeying the 2nd Royal Commandment, which is "to love your neighbor as yourself"....and in this instance, FAILED MISERABLY, to which I confess.

So may God love you, as I DO...and may He prosper you and your kin so richly, to which I add, only one humble request, never forget the poor. so its my hope, you bear no ill will regarding my untoward and sinful posting.

and yes...I have gazed down south on LaSalle towards the Board and that statue of Ceres many a time....when you're right on the market, its a beautiful sight....but when you're wrong, oh it strikes terror in the heart....God love you Jon , neil

[barrytrot]

Well, it looks like I was wrong. I don't think I was wrong fundamentally, but wrong = wrong.

I am shocked.

But I'm going long-er the second I can

[Jonflyfish]

It appears that there are a lot of folks who are very emotional about their investments. The investment, nor the market returns any favors with such empathy. Commodities like gold and silver are fungible, tradable and exchangeable- a form of barter that has been around for a very long time. If prices go up, some here will feel so emotional that they channel their feelings into believing such fallacies about teaching "banksters" a lesson or two. If prices go down, somehow it was a conspiracy to personally attack your position by the collusionists. Don't fall for that trap. Prices go up and down in a very transparent way that lends itself for participation.
Perhaps the best psychological tool to control emotions (if you are one of those who have a hard time with stability) is to simply hedge your position, portfolio etc.
Bandwagon beliefs (including stories written by gold this or silver that websites) will only lend to disbelief, pain and failure, which can lead to long term feelings of resentment. Don't do it!
Use sound money management and always do your own diligence (DYOD).
Cheers!

[neilgin1]

Well, it looks like I was wrong. I don't think I was wrong fundamentally, but wrong = wrong.

I am shocked.

But I'm going long-er the second I can

you okay man?....trust me, I been there...and there's NO WORSE feeling...I blown out twice, once in 94 in the wheat, Minn wheat....then in May 2002 in the Crude...NOT SAYING, you're gonna blow out...banish the thought!!!!....but i'm praying your okay my bru.

[johnbrickner]

the other primary reason I stack is my son, 17 years old, in college, bio-chem, working and being mentored by a DEAR family friend in property management....this stack I got?...I don't really see a day i'm gonna be trading it...its for him, all of it, along with the ranch. my library, everything....and that's good. God only knows what the future will bring, I just want that dear lad to have a solid foundation, that he can build a life on, rather than being a poor faceless modern helot in some gummit queue...God bless you, neil

Neil:

Thank you again my friend for sharing your thoughts. The parallel with my own is uncanny sometimes. I have a nephew in Buffalo (property mgt,) mid to late 20's who I got to agree to mentor my own son at a time in the not to distant future.

[barrytrot]

I'm totally ok. I don't "bet", I invest.

So as long as they don't declare silver to be worthless I'll just ride it out.

The power of my options diminished by about 20 orders of magnitude so I'm not going to be profiting while I sit for a while. That's too bad, but my principle is safe

[beauanderos]

Normally I'd be getting ready for my morning nap about this time, but today I'm going to stay up to see what happens at 10:00 ET when the daily smackdowns usually happen.

I expect them to hammer it down another buck... whether it stays there for more than a few minutes depends upon how resilient is the mood of those who still favor silver for the long haul

[Jonflyfish]

Sorry if my answer somehow offends you Neil. You asked, I answered.
Cheers!

no Jon, you DONT have to say "sorry" AT ALL...its my 'thing', your "quarter roll" comment rubbed me the wrong way, but WHAT RIGHT have I to judge another man? absolutely none, and I veer perilously close to disobeying the 2nd Royal Commandment, which is "to love your neighbor as yourself"....and in this instance, FAILED MISERABLY, to which I confess.

So may God love you, as I DO...and may He prosper you and your kin so richly, to which I add, only one humble request, never forget the poor. so its my hope, you bear no ill will regarding my untoward and sinful posting.

and yes...I have gazed down south on LaSalle towards the Board and that statue of Ceres many a time....when you're right on the market, its a beautiful sight....but when you're wrong, oh it strikes terror in the heart....God love you Jon , neil

Neil- My comments about the quarters was simply because I haven't bought any lately so not as familiar with the current retail dynamics. Institutional deals are flowing. You asked about that and I answered. Not sure why the undertones shot across the bow...

I'm a big believer and supporter in charity. Perhaps it's alright to say it is a passion in my family to support important social causes. The private sector does good in ways the government never could. Good legacy planning as well.
You can't help the poor by becoming one of them. This is contrary to the anti-capitalist, anti-success, anti- wealth undertones by the current administration. Sadly, many are slowly succumbing to such damaging rhetoric. Some may not see themselves as the frog in the pot of water coming to a slow boil.
Peace, love and stable portfolios
Cheers!

[barrytrot]

Well, it looks like I was wrong. I don't think I was wrong fundamentally, but wrong = wrong.

I am shocked.

But I'm going long-er the second I can

you okay man?....trust me, I been there...and there's NO WORSE feeling...I blown out twice, once in 94 in the wheat, Minn wheat....then in May 2002 in the Crude...NOT SAYING, you're gonna blow out...banish the thought!!!!....but i'm praying your okay my bru.

Why would I bow out when I would buy more if I had the free cash This is a buying opportunity.

As long as you don't gamble you can preserve your principle.

My investment strategy is - Don't risk the principle

My timing it appears could not have been worse in this case, but my principle is fine! Well, it's compressed right now, but the principle will return as silver does

In 2008 I had some investments that were down at least 50% and they eventually came back up. I would have only "bowed out" if I thought that wasn't going to happen, but I was 100% confident in Apple and Google back then just as I am about Silver right now. I just wish I had kept both Apple and Google a bit longer after they did rebound

[johnbrickner]

It appears that there are a lot of folks who are very emotional about their investments. The investment, nor the market returns any favors with such empathy.

Cheers!

Well said, jon

[barrytrot]

It appears that there are a lot of folks who are very emotional about their investments. The investment, nor the market returns any favors with such empathy.

Cheers!

Well said, jon

Losing a ton of money will bring out emotions

There is NOTHING wrong with being emotional.

What is wrong is ACTING on your emotions.

Just like fear, it's ok to be scared, but it's not ok to act on the fear. So be emotional, no issue there. But act with logic and sober mindedness.

[Jonflyfish]

It appears that there are a lot of folks who are very emotional about their investments. The investment, nor the market returns any favors with such empathy.

Cheers!

Well said, jon

Losing a ton of money will bring out emotions

There is NOTHING wrong with being emotional.

What is wrong is ACTING on your emotions.

Just like fear, it's ok to be scared, but it's not ok to act on the fear. So be emotional, no issue there. But act with logic and sober mindedness.

+1
Proper risk management!
Cheers!

[NDFarmer]

For you chart guys where is the next level of major support? Around $20.00?

[madman326]

I bought a little from Provident yesterday afternoon (right before the big drop, of course). I'm trying to get a little more today, but I can't even get on their website. Interesting times.

monarch is offering their own rounds for a dollar over spot. they had over 1200 rds. and are offering discounts depending on how much you spend. just a heads up.